Venom Ventures, an Abu Dhabi-based firm, launches a $1 billion fund to propel the country’s blockchain projects and solidify its presence in the web3 ecosystem
The Abu Dhabi-based venture firm, Venom Ventures, has recently announced the launch of a new fund aimed at furthering the country’s position in the rapidly growing blockchain and web3 industries. The new fund, worth $1 billion, is focused on supporting blockchain projects that align with Abu Dhabi’s vision for a digital future.
The United Arab Emirates (UAE) has been a key player in the development of web3 technology, with Dubai, in particular, leading the way. Last year, Dubai announced plans to invest $4 billion into the economy over the next four years, focusing on emerging technologies such as blockchain and web3. The new Venom Ventures fund is the latest addition to this growing ecosystem.
Despite the crypto industry still recovering from the collapse of major digital assets corporations such as FTX and Crypto.com, Venom Ventures remains optimistic about the future of web3 and blockchain technology. The firm’s leadership believes that the long-term potential for these technologies far outweighs any short-term setbacks.
According to Peter Knez, the chair of Venom Ventures, launching a fund for blockchain projects during times of scarce liquidity presents a valuable opportunity to offer substantial capital to those struggling to secure funding.
In addition to its investment in web3 projects, Venom Ventures also plans to provide mentorship, resources, and strategic support to help companies in its portfolio succeed. The firm believes that providing the right support and resources can help spur the growth of the web3 and blockchain industries, and position Abu Dhabi as a major player in these emerging technologies.
Final Thoughts
The launch of the new fund is a significant step forward for the UAE’s blockchain and web3 industries. It shows the country’s commitment to developing and supporting these emerging technologies and its faith in the long-term potential of the blockchain and web3 industries. The Venom Ventures fund has the potential to strategically position Abu Dhabi is to become a key player in the web3 ecosystem.
Edmond is a passionate writer for Video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news websites.
